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to pay for several months of that so the new congress can work that out. he is senator mcconnell. >> i reached out to the vice president in an effort to get things done. i am happy to report the effort has been a successful effort. as the president just said in the television appearance, we are very, very close to an agreement. we need to protect american families and job creators from this looming tax hike. everyone agrees that action is nets. i and report that we have reached an agreement on all of the tax issues. we are very, very close. as the president just said, the most important piece is the piece that what -- has to be done now, preventing the class hikes. >> a lot of republican aides are accusing the white house of moving the goalpost by, at the late hour, throwing in this other issue, the sequester, the defense and domestic cuts that are obviously a big issue but they feel like they can do that in a couple of months. the bigger concern is they have worked out an agreement on all the different taxes due to kick in so mcconnell is pointing out, let's do that now. >>trace: now
spending cuts. there is some talk about putting them off for a couple of months to give congress some time to really look into it in a more deliberative way and find some spending cuts elsewhere. gerri: so, where is the fiscal austerity? where is then no spending? is seems to me like it's all about raising taxes. it's all about spending more money. there is no savings, no cutting back. >> well, senator mitch mcconnell , the republican leader in the senate has been negotiating with the vice-president on behalf of the president, mcconnell went to the floor to say that there will be spending cuts down the road here . they had come to agreement on the tax part of this and wanted to get that passed and approved so that hundred million plus american families would not be facing a tax increase on january january 1st. it looks like that they will. we are going to go over the cliff, but congress is going to try to fix that in the next few days. he promised more spending cuts will come. remember, republicans do have the debt ceiling coming to. they have to approve an increase in the debt ceiling, pr
of the other tax measures and perhaps instructions for the next six to eight months to congress to work on entitlement and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m., cheryl casone will have the latest on overseas trading but also any potential deal or leak that has a deal may be in the works. find out right here on the fox big network. fox business network team starting here at 5:00 a.m. here in new york city. that wraps it right now. we're going to go back to our programming. we are talking cometely off-the-cuff, but we know will not be at 250. i think carrie reed has problems from new york like dianne feinstein of california, and 250 will be a big pill to allow. this is a fiscal cliff that we can have 50 days, 60 days down the road. it does not fix the problem if you will have these taxes on $250,000 and above. as rich edson said, this is going to be
for something that has been months in the making, what does it say about the senate and the house and congress's ability to tackle big issues, and if the american people are skeptical about that very thing, do they have a right to be? >> yes. absolutely. the folks who i hear from, delawareans who are calling me, e-mailing me, sending me responses to a position paper, a white paper that i put out on the fiscal cliff weeks ago, uniformly say why can't you all get along? why can't you reach a reasonable compromise? delaware's political culture is one where we pass balanced budgeted on time every year at the city, county, and state level. unlike many other states where they have months and months of wrangling passed their constitutional deadlines. ours is a representative system. the house and the senate is made up of members who have been represent -- they've been elected, and they represent the districts that they're from. part of our challenge in tackling the significant unaddressed deficits and entitlement challenges and the needs -- the investment needs we have to strengthen our economy and t
that was before congress for 15 months bipartisan support, the president supported it, everybody wanted it no specialty group didn't want it and yet it took 15 months before it was passed. it was a bill to give the fda more power to regulate the shortage. now, the good news is that since it was passed in the last six months there's been a doubling of the notification that the fda gets of the shortages. when they get the notification they can import drugs from abroad, they can call manufacturers and increase the amount of supply here in the united states. there's been a 44% drop this year compared to last in the number of drug shortages. still there are a hundred on the shortage list. >> finally from your perspective, what's the biggest health story of the year. >> for me it's this obesity crisis. you know, two thirds of americans are either obese or overweight. >> yeah. >> and we have this big question about the food police. is it possible to regulate behavior and we see in new york city to lower this crisis. and one of the things that bloomberg has been doing h
. that is progress. we're going to need to do more. keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously the agreement that is currently being discussed would raise those rates and raise them permanently. keep in mind we are going to have more work to do. we're going to have to think about how we put our economy on a long-term trajectory of growth. how we continue to make investors on things like education. things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of the so- called fiscal cliff. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. keep in mind that some of the spending cuts that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. some programs that are scheduled to be cut and we're using an ax instead of a scalpel. they may not always be the smartest cuts. that is a piece o
to raise the debt limit. congress battled for months and the economy suffered, resulting in the u.s. losing its aaa credit rating for the first time in history. we were downgraded. what's next? and as part of a last-ditch compromise to avoid default, both sides agreed to $1 trillion in spending cuts and an additional $1.2 trillion in across-the-board cuts that would kick in at the beginning of 2013 unless a bipartisan super committee made up of politicians from both parties could come up with an agreement. that super committee failed, and of course, the country is now facing those self-imposed, massive cuts to defense spending and other programs. fed chair ben bernanke warned that if these cuts went through, and we're looking at a deadline that's 16 hours away, the country risked going over what he called a fiscal cliff. since the president's re-election, he and republicans have traded offers and counteroffers, finding little common ground on tax increases and cuts from entitlements. president obama and speaker boehner met one on one. nothing happened. the speaker offered plan "b," never go
last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously, the agreement that's currently discussed would raise those rates and raise them permanently. >> reporter: it was a campaign-style event. >> i'm going to be president for the next four years, i hope. so -- [ applause ] >> reporter: that alienated the very people he needs to get any deal passed. >> very disappointed to hear what the president just had to say in front of a pep rally. >> he comes out and calls people together and has a group standing behind him, laughs and jokes and ridicules republicans, what is -- why? >> reporter: if the deal finalized, and if passes congress, two big ifs, it would extend tax cuts for all workers under $400,000, prevent a big hike on estates under $5 million and extend unemployment benefits set to expire tomorrow for some 2 million people. so, the scramble continues tonight. congressional leaders trying to get to a deal that would pass both the house and the senate sometime over the next 24 hours or so, david. >> jon, stick with u
,000, which the president sees as a big win for him. >> just last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously the agreement that is currently being done would raise those rates and raise them permanently. >> some democrats did not applaud. agreedid the president's to raise rates on those making over $250,000, not four hundred thousand dollars. >> democrats won a two-year postponement, with costs covered by new tax hike. the president scoffed at republican demands for deeper spending cuts. >> shove spending cuts at us. >> so much for the gop. >> a bigger deal is, will a deal get done? >> whatever happens are does not happen before midnight, this partisan more on taxes and spending is sure to continue well into 2013. steve handelsman, wbal-tv 11 news. >> as we wait for word of the deal, lawmakers in washington are under close scrutiny. that is because the alternative will impact almost every american. we are joined by nikole killion, who is live in washington to explain. >> some analysts say this is more of fiscal
as a big win for him. >> keep in mind just last month republicans in congress said they would never agree to raise tax rates on the wealthiest of americans. obviously the agreement currently being discussed would raise the rates and raise them permanently. >> in democrats are not applauding. they taye the president promised tax hikes bon 250,000. >> i think that's grossly unfair. >> reporter: senate republican lead egg mitch mcconnell made the tax deal with vice president joe biden. >> let's pass the tax relief portion now. >> reporter: a hang upis automatic defense and other spending cuts that kick in at midnight. democrats want a two-year postponementment. the cost covered by the new tax hikes. the president scoffed at republican demands for deeper spending cuts. >> shove only spending cuts down, you know -- well, shove spending -- shove spending cuts at us. >> reporter: so much for winning gop allies. >> laughs and jokes and ridicules republicans. why? >> reporter: another question -- will speaker john boehner permit a house vote to hike taxes? if most of his reps will vote no. whateve
everyone he is winning and g.o.p. is not. >> last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. the agreement currently discussed would raise those rates, raise them permanently. >> republicans suggest the event may backfire to accuse the republican of rubbing their nose in defeat. >> the president won. we know that. he won fair and square. isn't it now time to govern? >> the president was out of line with his comments at 1:30 afternoon. this is a delegate time. i think the democrats would be embased after what the president did. >> after months of the president promising a balanced approach there are only tax hikes for rich without new spending cuts. today he hinted at more tax hikes ahead. warning republicans that the future deficit reduction will not come from cuts alone. >> if they think that is the formula for how we solve this thing, they have another thing coming. that is not how it will work. >> republicans fire back it's time for presidential leadership, to stop exploding cost of programs like medicare. >> mr. presid
republicans. >> last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans, but obviously the agreement that's being struck would raise those rates and raise them permanently. >> there was to tepid applause. it was suppose to be an official white house event but it was almost a campaign event and people were cheering. they are turning republican compromise into spiking the football in their face while there is a lot of uncertainty still about whether this deal is going to get done. what does that accomplish? all it does is anger republicans more while this is still a tentative scenario. which is why i go back to my initial comment. i don't know what the president was hoping to accomplish in a protective way with that performance and maybe it would have been wise for him -- i understand he wants to use his bully pulpit. but while we have this agreement in flux it might have been better for the president to keep his thoughts to himself the for the time being. particularly because his spell of trying to negotiate with speaker boehner
in mind just last month republicans in congress said they would never agree to raise rates. obviously the agreement is currently being discussed would raise those rates and raise them permanently. they made the president promising tax hikes above 250,000. not 450. >> well, i just think that's grossly unfair. >> a hangup -- democrats want a two-year postponement, covered by the new tax hikes. the president scoffed at republican demand for deeper spending cuts. >> shove only spending cuts down -- well -- shove -- shove spending cuts at us. >> reporter: so much for winning gop allies. >> laughs and jokes and ridicules republicans. why? >>> a bigger question is, will a deal get done? it's sure to kim s. >>> word that a deal was close on the fiscal cliff helped push stocks higher today. the dow surged more than 150 points to end the day above 13,000 form the nasdaq was un59 points. the s&p 500 jumped 23 points and closed the year up 13. >>> now, if there is no agreement to avoid the fiscal cliff, some federal workers could be facing furloughs. agency just give at least 30 days' notice for
on sunday that stemmed from a concussion she suffered when she fainted and deter had earlier this month. the white house and congress only have a few hours to reach a deal to avert tax hikes and spending cuts sought to take place tomorrow. leaders are at odds over several issues including the income level for higher tax rates. a woman charged with killing a man a pushing and in front of a new york city subway train is undergoing a psychiatric evaluation. prosecutors say that she pushed the man in front of a train because she thought it would be cool. she reportedly said in the past that she hates hindus and muslims. ♪ families and friends gathered in upstate new york to remember lieutenant michael stefanari. -- chatinari. one man is accused of killing his sister and the two firemen by deliberately setting house on fire. >> he was so generous, loving, and thoughtful. he was my best friend. even though i am surrounded by wonderful people i have an incredibly lonely feeling. my heart is broken, and i'm so thankful for the years we did share. >> two other firefighters were wounded. spangl
by mcconnell and biden overnight, would delay those spending cuts for three months. some democrats have said they want them delayed one year. >> still issues left to resolve. but we're hopeful that congress can get it done. it is not done. and so, part of the reason that i wanted to speak to all of you here today is to make sure that we emphasize, to congress, and that members of both parties understand that all across america this is a pressing concern on people's minds. >> reporter: again, on the issue of tax increases and who constitutes the wealthiest of americans. the president was originally pitching a threshold of $250,000 a year in income. republicans wanted to see that as high as one million dollars. the deadline is midnight eastern time. keep in mind, even if congress misses that deadline they can put off the tax increases or refund them retroactively. katie marzullo, abc7 news. >>> a lot of us worried about our wallets. one item that won't fall off the cliff is milk. committees agreed to one year extension of the farm bill. committee approval is a good indication the full con
, would delay those spending cuts for three months. some democrats have said they want them delayed one year. >> still issues left to resolve. but we're hopeful that congress can get it done. it is not done. and so, part of the reason that i wanted to speak to all of you here today is to make sure that we emphasize, to congress, and that members of both parties understand that all across america this is a pressing concern on people's minds. >> reporter: again, on the issue of tax increases and who constitutes the wealthiest of americans. the president was originally pitching a threshold of $250,000 a year in income. republicans wanted to see that as high as one million dollars. the deadline is midnight eastern time. keep in mind, even if congress misses that deadline they can put off the tax increases or refund them retroactively. katie marzullo, abc7 news. >>> a lot of us worried about our wallets. one item that won't fall off the cliff is milk. committees agreed to one year extension of the farm bill. committee approval is a good indication the full congress will follow even though th
for about two months. but again, they're still working on it. and all of these negative effects can be undone with congress continuing to work. but deadlines tend to make things happen here. and missing tonight could delay this for an amount of time we just can't predict. kate? >> kelly o'donnell on capitol hill where i suspect she'll be for a while. tonight our political director and chief white house correspondent chuck todd also on hand tonight. chuck, there are a lot of people, i'm sure, out there rolling their eyes, wondering how did we get to this point on new year's eve? how did they let it go this far? >> reporter: well, the biggest problem is our political system does not reward compromise. the way these deals have happened in the past, with previous presidents and previous speakers and previous leaders is a compromise is rewarded by the public. and right now, whether it's president obama, whether it was speaker boehner, the two of them couldn't find a way to get to a deal because they didn't want to look like they were ever caving. and when you get to a point where it look
and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace
in october, and it's plunged this month. congress has forced all of us to begin planning for the worst. >> 40 minutes after the hour. time to check top stories. venezuelan president hugo chavez is said to be suffering from complications following cancer surgery in cuba. they characterize chavez's health as delicate because of a respiratory infection. it's not clear whether the venezuelan leader will be able to return to his country for the start of his new six-year term scheduled to start on january 10th. >>> the second of two volunteer firefighters killed in an ambush on christmas eve will be laid to rest. 19-year-old thomas kaczowka will be laid to rest today. yesterday firefighters from all over the country as far as away as california, came to attend the funal of 19-year-old michael chapersky. >>> a woman charged with murder as a hate crime. police say menendez has hated muslims and hindus since 9/11, and told them she pushed 46-year-old immigrant to his death because, quote, she thought it would be cool. >>> a 21-year-old iowa man in big trouble. he was wanted for questioning in a robber
waiting and wondering about their paycheck for the next day, two, week, month and to hear a member of congress to say we're here and doing nothing, that's hard to register. >> i agree with them. this is an indictment of congress that we have come to this state and where the function that most members of congress have is to simply be on hand so that in the event the negotiators reach agreement we can ratify or reject it but the fact to december 31st, new year's day and all of us should be with our families and america have some confidence that congress does have its back and we have a capacity to resolve differences in a timely and adult way, it is an indictment. this is a dangerous situation for the future of the country. this institution has to do better at making decisions that are important to the well being of this country. >> i think people agree with that sentiment. peter welch of vermont, thank you for taking the time out and i guess you're welcome for the highlight of your way. >> thank you. >>> now the "news nation" political panel. molly ball and david goodfriend. molly,
is history. president kennedy grabbed hugh tryden's idea and addressed a joint session of congress the next month. the apollo program was the brain child of hugh dryden and neil armstrong turned that dream into reality by making that one small step for a man, one giant leap for man kind on another world almost 230 miles away. hugh dryden was not able to see his dream become reality as he died in 1965 and unfortunately, neil armstrong passed away last august. it's important to honor both men's legacies by naming the flight research center after neil armstrong and the surrounding test range after hugh dryden. with this bill we reaffirm that america is filled with dreamers like hugh dryden and doers like neil armstrong, who working together can shoot for the moon. again, madam speaker, i want to thank congressman mccarthy for honoring their legacy which reminds us that america always needs to think about new frontiers. i yield back the balance of my time. . so much the jeement maryland. ms. edwards: i would like to inquire of mr. hall was to whether he has additional speakers, otherwise i'm re
is winding down her time as secretary of state. she is scheduled to step down next month. edward lawrence for c. b. c. news new york. >> >>> a grueling schedule for secretary of state. >> in less than 24 hours everyone's taxes will go up unless congress can manage to stifle the deal. reporter shows us after negotiations on capitol hill, there is still no agreement. >>> members of congress left meetings in capitol hill sunday without a deal. the so-called fiscal cliff. >> there is still significant distance between the 2 sides but negotiations continue. >> if republicans and democrats can't strike a deal, tax rates will go up for all americans and automatic tax cuts will kick in and millions will lose unemployment benefits. i want this done. >> they withdrew the proposal but cut the deficit by slowing social security. there is some movement as both sides try compromise about which americans start paying tax rates. >> republicans don't want to see new revenues, in other words democrat tax increase being used for new spending. >> in unusual move republicans called for a no. 2 democrat, biden
to do more. you know, keep in mind just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously the agreement that is currently being discussed would raise those rates and raise them permanently. now -- [applause] but keep in mind we'll still have more work to do. we still have deficits that have to be dealt with. we're still going to have to think about how we put our economy on a long term trajectory of growth. how we continue to make investments in things like education, things like infrastructure, that help our economy grow. and keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody has been talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect and keep in mind some of these spending cuts, that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. so there are programs that are scheduled to be cu
that just last month, republicans in congress of they would not agree to raise tax rates on the wealthiest americans and the agreement being discussed would raise those rates permanently. [applause] keep in mind, we will still have more work to do. we still have deficits that have to be dealt with, we will still have to think about how we put our economy long term project for growth, how we continue to make investments in education and infrastructure that help our economy grow. keep in mind that the threat of tax heights going up is only one part of this so-called fiscal cliff. what we also have facing us starting tomorrow or automatic spending cuts that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a scalpel. it may not always be the smartest cuts. that is a piece of business that still has to be taken care of. i want to m
a race for congress. jesse jackson jr. of illinois was re-elected even though he was absent for months due to mental health issues and under federal investigation for misusing congressional resources. weeks after the election he resigned. prolife republican congressman of tennessee had urged his pregnant mistress to get an abortion a decade ago. he denied the woman was pregnant or had an abortion, and he was re-elected by 12 points. >>> number five, lybor pants on fire. even if you've never heard of lybor, it probably has a big impact on your finances. the interest rates on mortgages, student loans and credit cards are determined, in part, by the rate at which banks borrow from each other, called lybor. barclays paid nearly half a million dollars for manipulating these important interest rates. and the investigations at other banks are still ongoing. the sheer scale of it is huge. it makes american financial crook bernie madoff, who made off with billions, look like a skidrow pickpocket. >>> number four, big trouble in communist china. everybody thought one of the most powerful politic
the last word. what would you say to congress, not the president but congress, what they should do later tonight and this week? >> first off i would have made a decision a long time ago. we had two years to this problem. this problem should have been solved months ago. politicking should have been set aside. we should have got something done. people should not have gone home for thanksgiving. i don't understand if they're representing us as business owners why they can't act like us and make decisions like us. we have to do it every single day. adam: just to set the record, straight, scott, some studebakers hold their value. congress, not much. >> zero. >> but can they avoid the fiscal cliff? senator gop john ba roost sew joins us later. no matter what deal congress strikes the capital-gains tax, it shoots up next year. we'll tell you what investors can do to stay in the game. more mony coming up ♪ . adam: well, less than seven hours until the new year and nothing rippings in the new year better than the government raising your taxes right? the capital-gains tax increase will be 20% fr
at this point. >> i think the fact of the matter is, most people expect this is a battle that this congress and this president is going to be fighting for months and months to come. thanks so much, alison kosik, good talking to you. >>> a decision resting on a few in washington could have a big ripple effect across the country. i'll talk to a small business owner about how no deem on the fiscal cliff could affect his bottom line. >> my new year's message to washington is this. please put an end to the outrageous billion-dollar tax shelters for googal and other big corporations. please fix that before you push senior citizens over the cliff. [ woman ] ring. ring. progresso. i just served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. you gotta taste this soup. [heart beating] [heartbeat continues] [heartbeat, music playing louder] ♪ i'm feeling better since you know me..
's progress, but we're going to need to do more. keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously, the agreement currently discussed would raise those rates and raise them permanently. but keep in mind we're going to still have more work to do. we still have deficits that have to be dealt with. we still have to think about how we put our economy on a long-term trajectory of growth. how we continue to make investments in things like education, things like infrastructure that help our economy grow. keep in mind that the threat of tax hikes going up is only one part of this so-called fiscal cliff that everybody is talking about. what we also have facing us starting tomorrow are automatic spending cuts that are scheduled to go into effect. and keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start. so there are some programs scheduled to be cut that we're us
it would have been nicer if he hadn't. i did not expect the republicans to win congress in 1994 until it was almost upon us. i did not expect that six months earlier. a big mistake was to not take ronald reagan as seriously as i should have. granted, he was not the deepest president we ever had. but he was pretty effective in his own way. and i did not take that seriously enough. as a whole bunch of things. if you asked me for a list, i could have a longer one. >> in 1991, "the politics of rich and poor," what led to that book? >> during the 1980's, i had been a consultant to a succession of wall street firms. i went around and brief clients on politics and so forth. i did not work for them, but i was a consultant. i really got involved in the economic side and the financial side more than i had previously. i was seeing the beginnings of what became this huge buildup of wealth through the fine evangelization of america. ialization ofanc america. the huge mess of the money assembled by the financial sector and a very financialized group of people in the corporations did something else.
plans to testiff in front of congress on deceeber twentieth... in connection tt the deedly in benghazi. secretary - says "..secretary clinton has &pstressed she remains ready to &ptestify before she stees down ffom her post next month. in meanwhile, we're learning new details about the deadly september 11-th terror attack penghazi. consulate in - aabb-partisan senate rrport found terrrristt essentialll walked right into the compound. the report was releassd today by the senate coomittee on homeland security and governmeet affairs. it bllmes the state department, innlarge part, for faaling to respond toorequests for more seccirty resources. the terrorists imply walked unimpeded and set it ablaze - due tooextremely poor security. ///butt to///the state department either ignored or repeated pleas for more o assistancethe attack left u-s ammasssdor chris tevens ann three other americans dead. its the ravens against the colts this sunday in the firstt round of the playoffss ann itss win? brian writes on ourr facebook page...."of course! pavens."and jesse rites..."i
in libya. she steps down next month. the most traveled secretary of state in history. she has visited 112 countries while on the job. >>> the clock is ticking. in less than 24 hours everyone's taxes will go up unless congress hammers out the deal. lawmakers went home route an agreement of negotiations, randall? >> reporter: went home but they will be back tomorrow, we hope. one half of a trillion dollars. that is the tax increases on new year's day unless a deal can be reached. now, they have been coming closer but so far not enough to come up with an agreement. >> members of congress met meetings today on capitol hill without a deal. hours before the nation is set to fall off the fiscal cliff. >> there are are still significant differences between the two sides, tpheg orbiations continue. >>> if respects and temaccurates can not strike a deal before midnight monday taxes will go up for almost every american. automatic spending cuts will kick in and millions will lose unemployment benefits. >> i want everyone to know i am willing to get had this done. i need a dance partner. >>> republic
earlier this month. just released gallup poll, most admired woman. president obama is the most admired man. >>> congress will spend part of the new year in session, trying to come up with a deal that will prevent the nation from going over the fiscal cliff. >>> the american academy of pediatrics has released a new statement encouraging elementary schools to let kids have their play time. recess gives children the opportunity to develop skills that can't be taught in the classroom, that it should not serve as a substitute for phys. ed. class. fond farewell 75 watt incandescent light bulb. under law, they can no longer be produced or imported as of january 1st though retailers can clear their remaining stocks. government will turn out the lights on traditional 60 and 40-watt bulbs in 2014. >>> it's what everyone is talking about, i think. reality tv star kim kardashian and rapper kanye west are expecting their first child. west made the announcement last night at a concert in atlantic city. west is 35. kardashian is 32, she is in the process of divorcing kris humphries, whom she married in 2
to congress, though, he did say he expects to take what he called extraordinary measures to extend the government's borrowing ability for another two months or so. and even your cup of coffee wants a deal on the fiscal cliff. baristas at the 120 starbucks in washington, d.c. were encouraged by management to add a shot of bipartisanship to their drink orders and remind customers in our nation's capital to come together. >> wall street is typically quieter this time of year. of course, this last week of 2012 was marked by investor concerns over congress' new year's eve plans and that looming fiscal cliff. so what impact does it have on your money? alison deans is with us, senior adviser at varick asset management. nice to see you. happy new year. do you have two plans for 2012, one that includes the fiscal cliff and one that doesn't? how do you prepare for the new year as an investor? >> pretty much. i mean, the outcome, if there is some type of healthy resolution to the fiscal cliff, even if they defer it for a week or two but come up with some healthy resolution, i think it bodes r
, and it is not likely to be. gregg: then this debt mess continues for a few months. and we've still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. >> yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news that a french court said a 75% tax rate on individuals is unfair. so it has been rejected. the court court says unless you apply it to households it is not fair to single out individuals. that means 75% tax at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to strike a deal? according to the tax policy center 90% of the americans would see a tax hike in 2013. 121 million peo
to have a lot of volatility the first two months because despite whatever deal we get done today if they get something done by midnight or the first two days of the few congress, we've got a bigger discussion that's looming, and that's on the debt ceiling. so you're going to see the republicans, they're going to cave just to keep the tax increases from going up. but they're going to hold that over the democrats' heads when it comes to the debt ceiling. liz: keith, tell the traders from all of us at fox business we wish you a happy new year. >> will do, and the same to you all. liz: thank you very much. a bit of a breaking angle here that not a lot of people are talking about, and it was only until michael woolfolk jumped up on here, he said, liz, watch out. if washington is unable to come up with a deal or comes up with a deal that the ratings agencies don't like and we get downgraded, the u.s. credit rating gets downgraded, this could be a real problem. but right now the greenback is the flight to quality. let's get to michael right now, it's a fox business exclusive. you and i
congress about the september 11th attack on the u.s. consulate in benghazi, libya, but had to cancel because of her health issues. clinton was already scheduled to step down as secretary of state next month. president obama has nominated john kerry to be her replacement. >> marlie hall in new york this morning. >>> also today is the final day of fiscal cliff negotiations. hope of reaching a wide-ranging deal in automatic spending increases and tax cuts is all but gone. spending would be reduced and cuts would be felt in all areas of the government. economies have warned that going over the cliff would cause a spike in unemployment and trigger another recession. this morning the senate reconvenes with the aim of reaching a smaller deal, one that might spare millions of americans from paying her taxes. danielle nottingham reporting now from washington. >> lawmakers are still working on it. >> i want everyo one to know i' willing to get this done but i need dance partner. >> the main sticking point between democrats and republicans continues to be over the threshold of tax increases. pr
this month. her doctors discovered the clot during a follow-up exam on sunday. clinton has been expected to return this work this week. she was forced to cancel testimony in front of congress about the scathing attack on the u.s. embassy in benghazi. >>> now, straight ahead on the program, the cliffhanger continues. will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> well, of course, it isn't just the fiscal cliff we're counting down to. it's new year's eve and we want to say happy new year to everyone
on a fiscal cliff? >> i've got three 7th graders back home, we've got triplets and congress is pretty much like having three teenagers in the house, leave everything to the last minute. keep in mind we've known about this for at least 18 months and probably two years and the argument could be made we know it's been coming for ten years and i've seen the president and him saying that rational arguments and i wish he'd listen to his own speeches, he's in a powerful leadership position. the president for goodness's sake, and his party is leading the senate. and if you wanted to highered could be part of a negotiation, if he's not that means the president has refused to engage and i think those actions speak much louder than words. >> harris: talking about your family and i've visited your website, your children are beautiful and a dad, if you're part of the mix there, tell your teenagers to answer up, would you? . thanks for joining us, sir. >> thank you, happy new year. >> harris: we've been watching the latest from capitol hill and we'll bring you the latest. you heard me delivering bad new
months and months. the entire "crisis" is an issue of congress' own making . he was taping the meet the press on saturday. house republicans were cozy and doing nothing on the fiscal cliff. john bone bone took himself out of the negotiations and abdicated responsibility and said he would dole with whatever the senate and president had come to. i happening there is a lot of good proprosals on the table and something will get done, too. >> dave: it appears that senate republicans came a long way in sharing their desire for no taxes raised on the wealthy. $550,000 thres hold for couples is a significant compromise. but can they get anything through the house in terms of getting republican votes today? >> i don't think that will get through the house . the house was elected to protect the united states of additional obama care spipe types of spending . from the perspective it is it a char aid. he wants to raise tax for people with over $200,000 . patti murray tipped the president's hand when she said it is okay to go off the fiscal cliff . we get credit when we cut taxing back to the le
we heard from president obama who expressed frustration that congress has yet to come to an agreement. >> i have to say that ever since i took office, throughout the campaign, and over the last couple of months, my preference would have been to solve all these problems in the context of a larger agreement, a bigger deal, a grand bargain, whatever you want to call it that solves our deficit problems in a balanced and responsible way, but with this congress this was obviously a little too much to hope for at this time. it may be we can do it in stages. we're going to solve this problem, instead, in several steps. one thing we can count on with respect to this congress is that if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> well, when all the dust settles, and as we know it is not settled yet, will we be able to say that one side or the other got more of what it wanted? with me now is ezra klein from "the washington post" and "huffington post's" sam stein. a lot of republicans didn't like what they heard from the presid
. they discovered it yesterday during a follow-up exam for the concussion she suffered earlier had month. clinton hit her head when she fell while recovering from a stomach virus. doctors are treating her with ant coe ago lantz. >> we're less than 24 hours from the fiscal cliff deadline. congress is inching closer towards a deal. the house will reconvene at 9:00 this morning. the senate will return to capitol hill at 11:00 a.m. talks hit a standstill yesterday after senate republican leader mitch mcconnell proposed social security cuts. democrats rejected the plan. aides say there has been what they call constructive movement on key issues like taxes, including a compromise on where to set higher rates for whether americans -- for wealthier americans and avoiding a jump in inheritance taxes. meantime, vice president joe biden is taking over at lead negotiator for democrats. >> time left to reach an agreement and we intend to continue negotiations. >> i want everybody to know i'm willing to get this done but i need a dance partner. >> if a deal is not reached by midnight, taxes go up for nine out
houses of congress here in the last 12 hours before midnight would carry with it the seeds of further confrontation and not that much further down the road. maybe two, perhaps three months. let's take a look one more time at what is being discussed now. mitch mcconnell and joe biden talked into the wee hours until 12:30 last night and 6:30 this morning. $450,000 as the threshold for couples, $400,000 for individuals over which your taxes would go up about four percentage points. estate tax compromise. this is something democrats want as well because the estate tax is due to zoom up to 55% on estates more than $1 million if they're passed and nobody wants to see that happen. they are trying to work on a compromise. unemployment, insurance benefits. obviously something urgent for millions of people collecting and the long-term unemployed who have been unemployed for quite sometime. delaying that sequester. this is what i'm talking about. they're talking about delaying it perhaps three months. this is the ultimate kicking the can down the road. remember the sequester is what got us to th
, a big picture deal if you will, couldn't achieve that with the leadership in congress. so they're going to do it in stages. they're going to do it in various parts. they are kicking some very sensitive issues down the road over the next few months. the republicans are happy about that, because they think they have some excellent leverage coming up in february and march when they have to pass legislation, raising the nation's debt ceiling and they think that will be enormous pressure that they will have on the president. once again, just as they did this summer of 2011, to get what they want as far as taxes, spending cuts are concerned. so they -- the kicking the can down the road, to a certain degree, if you don't deal with raising the debt limit right now, that's going to be good for the republicans, going to have a little more leverage down the road. but they're not getting that full picture deal that so many people were looking forward to. they only had a year and a half to do it, joe. they waited until after the election these last few weeks, obviously. couldn't do it. trying to run
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